Tuesday Watch

Around X:

• @ElonMusk

• "The truth is simple: in today’s America, the regulatory state isn’t solving problems — it is the problem." Ohio gubernatorial candidate @VivekGRamaswamy lays out why it’s time to end the administrative state — as @POTUS, @elonmusk & @DOGE put money back in American wallets.
• 1/ The Government Fraud That Could Prosecute Thousands. Remember Oliver North from Iran-Contra? Prosecuted for mislabeling funds. Thiel: "You could prosecute THOUSANDS of bureaucrats for the same crime." They're hiding billions by labeling political operations as "food to Africa." (video)

• @LauraLoomer

• EXCLUSIVE: Pro-DACA Biden Holdover To Assume Role Of Deputy TSA Administrator. Another day, another vetting failure in the Trump administration.
• Mark my word. Bookmark this. There’s going to another Eric Ciraramella move against President Trump out of DNI and it will be timed for the midterms to rile the Democrats up to take back the House and impeach Trump. This is what’s going to happen since the Biden holdovers at the intel agencies haven’t been fired. Mark my word. It’s time to clean house at DNI @TulsiGabbard.
  

• @MarioNawful

• TRUMP: WHY DO I NEED 500,000 TRIALS WHEN BIDEN LET IN MILLIONS WITHOUT ANY? “How can Biden let millions of criminals into our country, totally unchecked and unvetted, with no legal authority to do so, yet I… am expected to go through a lengthy legal process, separately, for each and every criminal alien? As usual, TWO DIFFERENT STANDARDS—only leading to the destruction of the U.S.A. MAKE AMERICA GREAT AGAIN!” (pic)
• TERROR SUSPECT LIVED FREE IN U.S. FOR TWO YEARS AFTER SLIPPING PAST BIDEN’S BORDER. Harpreet Singh, accused of planning grenade attacks and funding terror ops in India, was arrested by ICE in Sacramento after entering the U.S. illegally in 2022—and being released. Yes, released. 
• SEC. HEGSETH: ANONYMOUS SMEARS WON’T STOP US. "See, this is what the media does. They take anonymous sources from disgruntled former employees and try to slash and burn people—ruining their reputations. Not gonna work with me. (video)
• TRUMP WANTS A BABY BOOM — WITH BONUSES, BADGES & BIRTH CHARTS. The Trump admin is officially in baby-boosting mode, pitching plans that sound part policy, part reality show.
• TRUMP AND XI ARE PLAYING A GLOBAL GAME OF ECONOMIC JENGA... AND IT'S GETTING WOBBLY. This isn’t just a trade war anymore. It’s economic Jenga, and both sides are pulling the same crucial piece: global supply chains. Spoiler alert — the tower’s wobbling.
• TEXAS-SIZED VISION: ELON BUILDS TECH EMPIRE IN RURAL BASTROP. The world’s richest man is turning a quiet Texas town into a high-tech powerhouse, with HQs for X, SpaceX, and The Boring Company rising just outside Austin. Over 400 jobs, $280M in investment, and a booming local economy are just the beginning. (pic)
• STEPHEN MILLER: THE LEFT IS WARPING OUR JUDICIAL SYSTEM FOR POLITICAL PAYBACK. "How many pressing constitutional issues have been swept aside that American citizens need resolved? Who are being persecuted by left-wing mayors, left-wing governors, left-wing bureaucrats who actually need relief?" (video)
  

• @zerohedge 

• Former State Department Official Warns Of Deep State's 'Undeclared Second Cold War' On Populism.
• Drugged Into Oblivion: More Than 60% Of US Adults Admit That They Are Taking Pharmaceutical Drugs. 
• Chinese Plastics Factories Face Mass Closure As US Ethane Disappears.
• Why More People Are Testing Their Blood Without A Doctor. 
• What American Hardline Retailers Are Saying about Tariff Fallout.
• Gold & Crypto Surge, Dollar & Stocks Purged As Trump-Fed Feud Escalates.

• @kylenabecker

• This is how propaganda works. Count the number of times the media calls an MS-13 gang member and foreign national a "Maryland man." (video)

• @LiveSquawk

• China Cuts Off New Investment In US Private Equity – FT.

• @Libsoftiktok

• Democrat Rep Yassamin Ansari is in El Salvador fighting for the release of an MS-13 terrorist gang member. Protecting foreign terrorists is the hill Democrats are dying on. Unreal. (video)

• @KobeissiLetter

• Appetite for leverage is historically high: Global leveraged equity funds attracted a record $14 billion in net inflows 2 weeks ago. This is nearly TRIPLE the previous high posted during the 2020 pandemic. Last week alone, US leveraged long ETFs saw a record $6.6 billion in inflows. At the same time, the 3x leveraged Nasdaq 100 long ETF, $TQQQ, took in a whopping $2.3 billion. The majority of inflows were driven by retail investors. Record leverage will drive more volatility. (graph)

• @WallStreetApes

• RFK Jr needs to see this. This is one of the Most Important Videos you will watch. ‌ American Farmer says he’s tested his soil and it has 5x the amount of aluminum it used to have. The GMO seeds grow fine, all his heirloom seed crops are all the sudden failing (shows proof). Reminder, Bill Gates is creating GMO seeds that grow in aluminum rich soil. I’ve posted the video proof. ‌ RFK Jr said he would fight our skies being sprayed. This needs immediate attention. We are being ruled by extremely evil people and if this continues, one day only their GMO seeds will be the ones that grow. They’ll have total control of our food supply. (video)

• @amuse

• TREASON: Top Democrats sends chilling warning to countries cooperating with the US - once Democrats are in power they will punish nations who dare to work with the US while Trump is in power. Congress should censure Rep Raskin. (pic)

@kylenabecker This is how propaganda works. Count the number of times the media calls an MS-13 gang member and foreign national a "Maryland man." (video)Quote

• @Matt_Vanswol

• Not a single one of the 5 Democrats that flew to El Salvador to meet with a criminal, wife-beating, illegal immigrant gang member… …ever showed up to help us, their fellow Americans, after Hurricane Helene in Western North Carolina. Not one. (video)

• @judgejeaninne

• Charlie Kirk Is Right! (pic)

• @JimFergusonUK 

• FOLLOW THE MONEY: DOCTORS WERE PAID TO PUSH THE SHOT! A doctor just exposed the truth: “Blue Cross Blue Shield offered huge bonuses to vax doctors — if I’d jabbed all 6,000 of my COVID patients, I would’ve made $1.5 MILLION.” That’s not medicine. That’s a business model. THEY DIDN’T FOLLOW SCIENCE — THEY FOLLOWED THE PAYCHECK. WHAT THIS MEANS:

• @WallStreetMav 

• BREAKING: India will put 12% tariff on steel to limit cheap imports from China.

• @ScottPresler

• VERY CONCERNING!! Since 2020, ~1,000,000 people have left California for other states. In California, EVERY voter receives a mail-in ballot for EVERY election. However, in order to be removed from the voter rolls, you have to mail a Voter Registration Cancellation form to your former county elections office. How many of those 1,000,000 people do you think mailed in a cancellation form? So, hundreds of thousands of voters — that no longer live in California — could still be receiving ballots at their old addresses. (in a state that allows for ballot harvesting).

• @GuntherEagleman

• They rounded up pastors for showing up at church on Easter over a virus with a 99.8% survival rate. Never forget. (pic)

• @catturd2

• The judicial coup must end.

Night Trading 

• Asian equity indices are -1.0% to unch. on average. 
• Asia Ex-Japan Investment Grade CDS Index 105.75 +2.0 basis points. 
• China Sovereign CDS 69.75 +.5 basis point.
• China Iron Ore Spot 98.7 USD/Metric Tonne -.7%
• Swiss Franc/Offshore Chinese Renminbi Cross 9.0 -.2%.
• Bloomberg Emerging Markets Currency Index 36.94 -.08%.
• Bloomberg Global Risk-On/Risk Off Index 50.0 +.7%.
• US 10-Year Yield 4.40% -1.0 basis point.
• Volatility Index(VIX) futures 27.9 -2.1%.
• Euro Stoxx 50 futures -.70%. 
• S&P 500 futures +.45%. 
• NASDAQ 100 futures +.46%.

Morning Preview Links

BOTTOM LINE: Asian indices are mostly lower, weighed down by technology and consumer discretionary shares in the region. I expect US stocks to open modestly higher and to weaken into the afternoon, finishing mixed.  The Portfolio is 25% net long heading into the day.